Workhorse Group

Workhorse Custom Chassis, LLC was founded in 1998 by investors who took over the production of General Motors' P30/P32 series stepvan and motorhome chassis. By 2005, they were taken over by Navistar International, which had been selling them diesel engines. Navistar then shuttered the plant in 2012 to cut costs after having suffered heavy losses.In March 2013, AMP Electric Vehicles took over Workhorse Custom Chassis, LLC's assets and began offering a range of electric vehicles. In 2015, AMP changed its company name to Workhorse Group Incorporated. On January 4, 2016, the Company was approved by Nasdaq Capital Market and its common stock started being quoted on Nasdaq under the symbol “WKHS” .In February 2019, Steve Burns, co-founder of AMP Electric Vehicles and CEO of Workhorse decided to resign from the company. President and COO Duane Hughes became the new CEO of Workhorse.In November 2021 it was reported that Workhorse faced a Department of Justice investigation as well as a SEC investigation that was first reported in a September 2021 report by shortselling research firm Fuzzy Panda who accused the company of fraud which was followed up by a Cincinnati Enquirer report which found that top Workhorse executives and board members sold off $60 million worth of stock and that part of the selling occurred following interactions with postal officials which signaled their USPS bid was in trouble. The report also stated that Workhorse was being sued by some shareholders in the company, which accuses them orchestrating its USPS as part of an insider trading scheme. On November 9, 2021, Workhorse confirmed it's SEC and Department of Justice investigations in a regulatory filling which stated that the investigations were related to the trade of securities in the company leading up to the award of the USPS contract to Oshkosh.

Lordstown Plant & Licensing Agreement

On May 8, 2019, General Motors confirmed that it was in talks to potentially sell Lordstown Assembly, its idle 6.2 million square foot manufacturing plant in Lordstown, Ohio to Workhorse Group. On November 7, 2019, the newly constituted Lordstown Motors, of which Workhorse Group has a 10% stake, purchased the shuttered Lordstown Assembly Plant from General Motors. Workhorse CEO, Steve Burns, assumed the role of co-founder and CEO of Lordstown Motors. Later that day, Workhorse Group issued a press release detailing a licensing agreement with Lordstown Motors for their W-15 pickup truck. Burns resigned as CEO of Lordstown Motors on June 14, 2021.